金山办公（688111）：收入逐季加速，B端增长显著

Investment Rating - The report maintains an "Outperform the Market" rating for Kingsoft Office (688111.SH) [5][3][4] Core Insights - Kingsoft Office's revenue accelerated quarter by quarter, with Q3 2025 revenue reaching 4.178 billion yuan, a year-on-year increase of 15.21%. The net profit attributable to shareholders was 1.178 billion yuan, up 13.32% [1][7] - The company has seen significant growth in its B-end business, with WPS 365 revenue increasing by 71.61% year-on-year, and WPS software revenue growing by 50.52% [2][3] - The company is set to launch the WPS 365 overseas version by the end of 2025, indicating a strong focus on international expansion [3][4] Financial Performance - For Q3 2025, Kingsoft Office reported a revenue of 4.178 billion yuan, with a net profit of 1.178 billion yuan, and a non-recurring net profit of 1.149 billion yuan [1][7] - The company has maintained high R&D investment, with R&D expenses growing by 18.48% year-on-year [2][3] - The projected net profit for 2025-2027 is estimated at 1.896 billion yuan, 2.316 billion yuan, and 2.841 billion yuan respectively, with diluted EPS expected to be 4.10 yuan, 5.01 yuan, and 6.14 yuan [4][3] Business Segments - The C-end AI and overseas expansion are progressing well, with WPS personal business revenue reaching 899 million yuan, a year-on-year increase of 11.18% [2][3] - The number of monthly active devices for WPS Office globally reached 669 million, a year-on-year increase of 8.83% [2][3] - The company is actively enhancing its collaboration and AI product lines, particularly in the private and local state-owned enterprise markets [2][3] Market Outlook - Kingsoft Office's internationalization strategy is a key focus, with significant growth in the ASEAN region and partnerships with local telecom companies [3][4] - The report anticipates that the rapid growth of AI product monthly active users and the opening of overseas markets will provide long-term growth opportunities for the company [3][4]